We reiterate a BUY rating for BVH and lift our target price (TP) by 15.0% to VND68,400/share. Our TP increase is mainly driven by an 18.6% increase in our projection for 2021 net income as well as the positive effect of rolling over our TP to end-2021 and a 1.2-ppt decrease in our in-house cost of equity. We lift our 2020/21/22 net income forecasts by 18.6%/18.6%/22.1% primarily due to (1) a 2.2% three-year average decrease in mathematical reserve expenses following our expectation